Is this possible

Ckb

I want to buy a house this year and have a query, my bank will give up to £130k mortgage, I have a little money saved up for fees etc but as for a deposit that would take me 5+ years to save up

Is it possible to take out a small loan for say 5/10% or what ever they ask for and if I say find a house for £90k, use some of that mortgage to pay back the loan so I only have one large financial commitment

So effectively I'm getting a mortgage for £99,000, £90k on for house and £9k to repay the loan back in full?

Is this possible and where do stand if I wanted say a little more to sort the interior out with ?

Currently I rent, not had a great credit history but I've had it confirmed from my bank they will give me that large mortgage as my finances are well under control now and credit rating is back up to excellent

opinions4u

Most unsecured loan providers will not give a loan for house deposit.

Most mortgage lenders will not accept "loan" as an acceptable source of deposit.

Any false declaration would be fraudulent.

CLAPTON

No your bank has not offered you a 130,000 mortgage.

They may well have said the MAXIMUM they will lend based on your INCOME is 130,000
but they will also stipulate a MAXIMUM percentage of their valuation of the property


so e.g. if they offered a 90% mortgage and their valuation was 90,000 they would only lend you 90% of 90,000 i.e. 81,000

plus the points already made by Opinions

kingstreet

If lenders were offering 100%+ mortgages, you wouldn't need the deposit, loaned or otherwise.

SG27

CLAPTON wrote: »

No your bank has not offered you a 130,000 mortgage.

They may well have said the MAXIMUM they will lend based on your INCOME is 130,000
but they will also stipulate a MAXIMUM percentage of their valuation of the property


so e.g. if they offered a 90% mortgage and their valuation was 90,000 they would only lend you 90% of 90,000 i.e. 81,000

plus the points already made by Opinions

You'll also need to pass the lenders credit checks which may be a problem if your credit rating is iffy.

kidmugsy

[QUOTE=opinions4u;58145413

Most mortgage lenders will not accept "loan" as an acceptable source of deposit.

Any false declaration would be fraudulent.[/QUOTE]

Unless of course you are Peter Mandelson.